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#1653957 - 01/20/12 09:08 PM Loan renewal - Exception NOtice
SUSANE1 Offline
Platinum Poster
Joined: Mar 2008
Posts: 808
Customer has loan coming up for renewal. We are going to renew the loan no matter what the credit report reveals new, as the customer is paying and we have no problem with loan. After we run new credit report - do we send the risk based pricing notice again to customer? (we use exception notice)

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#1653976 - 01/20/12 09:28 PM Re: Loan renewal - Exception NOtice SUSANE1
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
Quote:
We are going to renew the loan no matter what the credit report reveals ...... After we run new credit report


Why are you obtaining a new report if you are not going to rely on it regardless of the information contained in it?

If you pull it then IMO you used it in your decision and if you use risk based pricing you will need to follow the disclosure requirements.
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The opinions expressed are mine and they are not to be taken as legal advice.

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